Morning Report

The pair continues to push to the upside, where it managed to stop at the top recorded last Monday around 94.30. According to the image above, we find that signs of a bearish technical pattern are still appearing on the pair supported by negative signs coming from momentum indicators. These signs make us expect a bearish trend over an intraday basis, where its actual activation point will be the breach of 92.80. Chances of achieving this scenario depend on achieving stability below 94.30

The trading range for today is among the key support at 92.25 and the key resistance at 94.80.

The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Previous Report Weekly ReportSupport93.4592.8092.2591.5590.90Resistance94.0094.8095.5596.0096.35RecommendationBased on the charts and explanations above our opinion is selling the pair from 94.00 target 92.80 and stop loss above 94.80, might be appropriate.